The favorites panel is a place for you to collect shapes you like to use. Just put the real special ones there. The ones you can’t live without. Otherwise the panel will get too cluttered and that’s not good for anyone.
To add a shape to the favorites panel:
Click the “Shapes” menu button (F1) to go to Shapes panel
Find the shape you want in its library
Select ‘Add to favorites’
(In version 4.1 you’ll be able to drag a shape directly from your document onto this panel.)